Where can you live for $1,000 a month?
We’ve found 8 homes in 8 cities with a mortgage payment that low
We scoured eight major cities to find places you could live with a modest mortgage payment of $1,000 per month. That means we looked for homes that are on the market for about $265,000. We figured the typical buyer would make a down payment of 20% — or $53,000 — and finance the remaining $212,000. If you borrowed that much with a 30-year, fixed-rate loan at today’s average interest rate of 3.8%, the monthly payment would be right at $1,000. Now that just covers principal and interest. It doesn't include property taxes, insurance or condo association fees. But it gives you a good sense of how much home you can buy if that’s the monthly payment you can afford.